MACAU REVENUES UP IN JULY’S FIRST WEEK
Brokerage Sanford C. Bernstein said that average daily revenues during the first week of July increased 3% in Macau.
Macau.- Analysts at Sanford C. Bernstein have indicated that average daily revenues between July 1-7 reached the €94.2 million mark in Macau. This figure represents a 3% increase when compared to the same period in 2018.
The brokerage also said that the estimates for July are the same as previous ones and that it will see an increase between 2% and 4% from the same month in 2018. “Year-on-year comparison began to ease in June as expected, and it should continue as we head into July. Recall GGR was quite robust in early 2018 until US-China trade tensions heightened beginning last summer,” the brokerage added. Moreover, analysts noted that there could be a rebound in VIP.
“Weaker than expected macro data for June, along with the continued tensions in U.S.-China trade relations, however, cast uncertainty over the GGR recovery. If a trade war sustains over an extended period, it will likely pose as a headwind to China’s economy and gaming spend from China’s high net worth individuals in Macau,” said the analysts.
Macau assesses tourist tax
A recent survey suggested Macau’s new tourist tax should be set at over €11, deputy director of the Macao Government Tourism Office (MGTO) Hoi Io Meng. The survey consulted Macanese residents, visitors to the city and members of the travel trade.
The government launched the study in May about the potential introduction of a Macau tourist tax to the city. It consisted of an opinion poll including case analysis and questionnaire exercises. According to Mr Hoi, the government received over 12k opinions on the Macau tourist tax from residents. Furthermore, another 1.5k from tourists and about 150 comments from travel trade members.